<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------
FORM 10-Q
(MARK ONE)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 29, 1996 OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________ TO ________
COMMISSION FILE NUMBER 0-8771
EVANS & SUTHERLAND COMPUTER CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
UTAH 87-0278175
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
600 KOMAS DRIVE, SALT LAKE CITY, UTAH 84108
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (801) 588-1000
INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING
THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS
REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST 90 DAYS. YES X NO
--- -----
INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE.
CLASS OUTSTANDING SHARES AT MAY 3, 1996
----- ---------------------------------
COMMON STOCK, $0.20 PAR VALUE 8,929,824
1
<PAGE>
FORM 10-Q
EVANS & SUTHERLAND COMPUTER CORPORATION
QUARTER ENDED MARCH 29, 1996
PAGE NO.
TABLE OF CONTENTS 2
PART I - FINANCIAL INFORMATION
GENERAL STATEMENT 3
<TABLE>
<CAPTION>
ITEM 1. FINANCIAL STATEMENTS
<S> <C>
CONSOLIDATED STATEMENTS OF EARNINGS - THREE MONTHS ENDED
MARCH 29, 1996 AND MARCH 31, 1995 4
CONSOLIDATED BALANCE SHEETS - MARCH 29, 1996 AND
DECEMBER 29, 1995 5-6
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - THREE
MONTHS ENDED MARCH 29, 1996 AND MARCH 31, 1995 7
NOTES TO FINANCIAL STATEMENTS 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS 9-11
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 12
SIGNATURE PAGE 13
</TABLE>
2
<PAGE>
EVANS & SUTHERLAND COMPUTER CORPORATION
PART I - FINANCIAL INFORMATION
GENERAL STATEMENT:
THE FOLLOWING CONSOLIDATED STATEMENTS OF EARNINGS, CONSOLIDATED BALANCE SHEETS,
AND CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS HAVE BEEN PREPARED FROM THE
ACCOUNTING RECORDS OF EVANS & SUTHERLAND COMPUTER CORPORATION WITHOUT AUDIT
(EXCEPT WHERE PRESENTED DATA IS SPECIFICALLY IDENTIFIED AS AUDITED) IN
ACCORDANCE WITH SECURITIES AND EXCHANGE COMMISSION REGULATIONS.
THE FINANCIAL STATEMENTS WERE PREPARED IN CONFORMITY WITH GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES APPLIED ON A BASIS CONSISTENT WITH PRIOR PERIODS. ALL
ADJUSTMENTS REFLECTED IN THE STATEMENTS ARE OF A NORMAL RECURRING NATURE AND ARE
NECESSARY FOR A FAIR PRESENTATION OF RESULTS FOR THE INTERIM PERIODS PRESENTED.
IT IS MANAGEMENT'S OPINION THAT THE INFORMATION PRESENTED HEREIN REFLECTS A FAIR
STATEMENT OF THE RESULTS OF THE INTERIM PERIOD(S) IN ALL MATERIAL RESPECTS.
THE RESULTS OF OPERATIONS FOR ANY INTERIM PERIOD ARE NOT NECESSARILY INDICATIVE
OF RESULTS FOR A FULL YEAR. THESE CONDENSED FINANCIAL STATEMENTS SHOULD BE READ
IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES THERETO CONTAINED IN THE
COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 29, 1995 AS
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
3
<PAGE>
EVANS & SUTHERLAND COMPUTER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
THREE MONTHS ENDED
MARCH 29,1996 AND MARCH 31, 1996
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<S> <C> <C>
THREE MONTHS ENDED
(UNAUDITED)
-------------------------
MARCH 29, MARCH 31,
1996 1996
--------- ---------
NET SALES $ 26,686 $ 19,286
COST OF SALES 14,192 8,522
--------- ---------
GROSS PROFIT 12,494 10,764
EXPENSES:
MARKETING, GENERAL AND AMINISTRATIVE 6,684 7,938
RESEARCH AND DEVELOPMENT 5,319 6,208
--------- ---------
TOTAL EXPENSES 12,003 14,146
OPERATING PROFIT (LOSS) 491 (3,382)
OTHER INCOME 726 4,339
--------- ---------
EARNINGS BEFORE INCOME TAXES 1,217 957
INCOME TAX EXPENSE 462 359
--------- ---------
NET EARNINGS $ 755 $ 598
========= =========
EARNINGS PER SHARE (NOTE 2) $ 0.08 $ 0.07
NUMBER OF SHARES USED IN EARNINGS PER SHARE CALCULATION 9,032 8,563
</TABLE>
4
<PAGE>
EVANS & SUTHERLAND COMPUER CORPORATION
CONSOLIDATED BALANCE SHEETS
MARCH 29, 1996 AND DECEMBER 29, 1995
(U.S. DOLLARS IN THOUSANDS)
<TABLE>
<S> <C> <C>
MARCH 29, DECEMBER 29,
1996 1995
ASSETS (UNAUDITED) (AUDITED)
- --------- ----------------- ---------------
CURRENT ASSTETS:
CASH AND CASH EQUIVALENTS $ 2,465 $ 5,023
MARKETABLE SECURITIES 73,170 86,718
RECEIVABLES:
TRADE ACCOUNTS, LOSS ALLOWANCE FOR
DOUBTFUL RECEIVABLES OF $ 208 IN
1996 AND $172 IN 1995 22,084 25,625
INTEREST: 1,318 1,201
EMPLOYEES AND OTHER 364 295
-------- --------
TOTAL RECEIVABLES 23,766 27,121
INVENTORIES, NET (NOTE1) 22,164 18,981
COSTS AND ESTIMATED EARNINGS IN EXCESS OF
BILLINGS ON UNCOMPLETED CONTRACTS 19,793 15,052
DEFERRED INCOME TAX 6,508 6,645
PREPAID EXPENSES AND DEPOSITS 3,661 1,464
-------- --------
TOTAL CURRENT ASSETS 151,527 161,004
-------- --------
PROPERTY, PLANT AND EQUIPMENT, AT COST 107,850 106,147
LESS ACCUMULATED DEPRECIATION AND AMORTIZATION 67,394 65,292
-------- --------
NET PROPERTY, PLANT, AND EQUIPMENT 40,456 40,855
INVESTMENT SECURITIES 6,240 7,437
OTHER ASSETS, AT COST, LESS
ACCUMULATED AMORTIZATION 2,717 1,706
-------- --------
TOTAL ASSETS $200,940 $211,002
======== ========
</TABLE>
5
<PAGE>
EVANS & SUTHERLAND COMPUTER CORPORATION
CONSOLIDATED BALANCE SHEETS
MARCH 29, 1996 AND DECEMBER 29, 1995
(U.S. DOLLARS IN THOUSANDS)
<TABLE>
<S> <C> <C>
MARCH 29, DECEMBER 29,
1996 1995
LIABILITIES AND STOCKHOLDERS' EQUITY (UNAUDITED) (AUDITED)
- ------------------------------------- ----------------- ----------------
CURRENT LIABILITIES
NOTES PAYABLE TO BANKS $ 4,711 $ 3,773
ACCOUNTS PAYABLE 2,070 2,804
ACCURUED EXPENSES 16,014 14,849
CUSTOMER DEPOSITS 2,551 5,436
INCOME TAXES PAYABLE 616 10,676
BILLINGS IN EXCESS OF COST AND ESTIMATED EARNINGS ON
UNCOMPLETED CONTRACTS 6,016 5,055
------------- ------------
TOTAL CURRENT LIABILITIES 31,978 42,593
LONG-TERM DEBT 18,258 18,015
DEFERRED INCOME TAXES 1,221 1,903
STOCKHOLDERS' EQUITY:
COMMON STOCK, $.20 PER VALUE; AUTHORIZED
30,000,000 SHARES; ISSUED AND OUTSTANDING
8,896,459 SHARES AT MARCH 29, 1996 AND
8,715,320 SHARES AT DECEMBER 29, 1995 1,779 1,743
ADDITIONAL PAID-IN CAPITAL 5,649 5,112
RETAINED EARNINGS 141,433 140,062
NET UNREALIZED GAIN ON MARKETABLE SECURITIES 639 1,694
CUMULATIVE TRANSLATION ADJUSTMENT (17) (120)
------------- ------------
TOTAL STOCKHOLDERS' EQUITY 149,483 148,491
------------- ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $200,940 $211,002
============= ============
</TABLE>
6
<PAGE>
EVANS & SUTHERLAND COMPUTER CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED
MARCH 29, 1996 AND MARCH 31, 1995
(U.S. DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
(UNAUDITED)
-----------------------------
MARCH 29, MARCH 31,
1996 1995
-------- --------
<S> <C> <C>
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES $(15,606) $(1,027)
CASH FLOWS FROM INVESTING ACTIVITIES:
CAPITAL EXPENDITURES (1,857) (1,390)
PURCHASE OF MARKETABLE SECURITIES (30,357) -
PROCEEDS FROM SALE OF MARKETABLE SECURITIES 43,353 8,519
-------- -------
NET CASH PROVIDED BY INVESTING ACTIVITIES 11,139 7,129
CASH FLOWS FROM FINANCING ACTIVITIES:
NET PROCEEDS FROM ISSUANCE OF COMMON STOCK 573 687
NET BORROWINGS UNDER THE LINE OF CREDIT
AGREEMENTS 1,043 930
OTHER 243
-------- -------
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,859 1,617
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 51 69
-------- -------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (2,557) 7,788
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 5,023 25,213
-------- -------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,466 $33,001
======== =======
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
CASH PAID DURING THE PERIOD FOR:
INTEREST $ 609 $ 626
INCOME TAXES $10,292 $ 38
</TABLE>
7
<PAGE>
EVANS & SUTHERLAND COMPUTER CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Dollars in Thousands)
(1) INVENTORIES ARE SUMMARIZED AS FOLLOWS:
<TABLE>
<CAPTION>
MARCH 29, DECEMBER 29,
1996 1995
(UNAUDITED) (AUDITED)
------------ ------------
<S> <C> <C>
RAW MATERIALS AND SUPPLIES $ 7,817 $ 7,404
WORK-IN-PROCESS 12,244 8,983
FINISHED GOODS 2,103 2,594
------- -------
$22,164 $18,981
======= =======
</TABLE>
(2) EARNINGS PER SHARE:
PRIOR TO JANUARY 1, 1996, THE COMPANY HAS NOT INCLUDED COMMON STOCK EQUIVALENTS
IN ITS EARNING PER SHARE CALCULATION AS THE IMPACT WAS IMMATERIAL. BEGINNING
JANUARY 1, 1996 THE COMPANY HAS INCLUDED SUCH ITEMS.
8
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(U.S. DOLLARS IN THOUSANDS)
THE FOLLOWING TABLE SUMMARIZES CHANGES IN OPERATIONS FOR THE PERIODS INDICATED
AND PRESENTS THE PERCENTAGE OF INCREASE (DECREASE) BY LISTED ITEMS COMPARED TO
THE INDICATED PRIOR PERIOD:
<TABLE>
<CAPTION>
(UNAUDITED)
QUARTERS
ENDED MARCH 31, 1996
AND MARCH 31, 1995
--------------------------
<S> <C> <C>
NET SALES $ 7,400 38.4%
COST OF SALES 5,670 66.5%
------- -------
GROSS PROFIT 1,730 16.1%
EXPENSES:
MARKETING, GENERAL AND ADMINISTRATIVE (1,254) (15.8%)
RESEARCH AND DEVELOPMENT (889) (14.3%)
------- -------
TOTAL EXPENSES (2,143) (15.1%)
OPERATING PROFIT 3,873 114.5%
OTHER INCOME (EXPENSE), NET (3,613) (83.3%)
------- -------
EARNINGS BEFORE INCOME TAXES 260 (27.2%)
INCOME TAX EXPENSE 103 28.7%
------- -------
NET EARNINGS $ 157 26.3%
======= =======
</TABLE>
9
<PAGE>
RESULTS OF OPERATIONS
- ---------------------
SALES
- -----
SALES FOR THE FIRST THREE MONTHS OF 1996 WERE 38% GREATER THAN THOSE OF THE
CORRESPONDING 1995 PERIOD DUE TO INCREASED VOLUME.
GOVERNMENT SIMULATION SALES, WHICH REPRESENT 78% OF TOTAL SALES FOR THE QUARTER,
ARE 43% HIGHER FOR THE FIRST QUARTER 1996 AS COMPARED TO THE RESPECTIVE QUARTER
1995. THIS INCREASE REFLECTS THE STRONG ACTIVITY DURING 1995 WHERE ORDERS WERE
UP 22% FROM THE PREVIOUS YEAR AND BACKLOG STOOD AT RECORD LEVELS. ORDERS
CONTINUE TO BE STRONG DURING THE FIRST QUARTER OF 1996 AS ANTICIPATED.
SALES IN THE COMPANY'S GRAPHICS SYSTEMS PRODUCT LINE ARE LOWER THAN IN THE
PREVIOUS YEAR DUE TO THE DIVESTITURE OF CDRS IN APRIL, 1995, BUT THE COMPANY
CONTINUES TO SUPPLY GRAPHICS ACCELERATORS AND SOFTWARE PRODUCTS TO ITS OEM
CUSTOMERS.
COMMERCIAL SIMULATION SALES FOR THE RESPECTIVE QUARTERS ARE HIGHER IN 1996 OVER
1995. THE INCREASED ACTIVITY IN THIS SECTOR REFLECTS THE GRADUAL IMPROVEMENT IN
THE COMMERCIAL SIMULATION MARKET AND THE MARKET'S REACTION TO THE COMPANY'S
APPROACH TO SUPPLYING A COMPLETE SYSTEM RATHER THAN COMPONENTS.
EDUCATION AND ENTERTAINMENT SALES DURING THE QUARTER ARE UP OVER THE FIRST
QUARTER OF 1995. SHIPMENTS OF THE COMPANY'S DIGISTAR II PLANETARIUM SYSTEM
CONTINUES TO BE STRONG AND ACCOUNTS FOR THE MAJORITY OF THIS PRODUCT LINE
REVENUE.
COST OF SALES
- -------------
COST OF SALES, AS A PERCENTAGE OF SALES, AVERAGED 53% FOR THE THREE MONTHS OF
1996. THIS RATE IS BELOW THE ANNUAL RATE OF 55% FOR 1995, BUT ABOVE THE RATE OF
44% FOR THE FIRST QUARTER OF 1995. THE LOW RATE IN 1995 FOR THE FIRST QUARTER
WAS DUE TO ONE-TIME ADJUSTMENTS IN LONG-TERM CONTRACTS ATTRIBUTED TO THE
COMPANY'S RESTRUCTURING ACTIVITIES IN JANUARY OF 1995 WHICH SIGNIFICANTLY
REDUCED EXPENSES.
EXPENSES
- --------
TOTAL EXPENSES FOR THE THREE MONTHS OF 1996 DECREASED $2,143,000 (15%) BELOW THE
CORRESPONDING 1995 FIRST QUARTER. FROM AN ONGOING BUSINESS VIEWPOINT (EXCLUDING
EXPENSES OF THE DESIGN SOFTWARE BUSINESS WHICH WAS SOLD DURING THE SECOND
QUARTER OF 1995), TOTAL EXPENSES FOR THE QUARTER ARE JUST $77,000 ABOVE THE
FIRST QUARTER 1995 AND ARE IN LINE WITH EFFORTS MADE IN RESTRUCTURING THE
COMPANY IN EARLY 1995.
MARKETING, GENERAL, AND ADMINISTRATIVE: MARKETING, GENERAL, AND
ADMINISTRATIVE EXPENSE, EXCLUDING THE DESIGN SOFTWARE BUSINESS, INCREASED
$271,000 IN 1996 AS COMPARED WITH THE FIRST QUARTER OF 1995. AS A
PERCENTAGE OF SALES, FIRST QUARTER 1996 EXPENSES ARE 25% AS COMPARED WITH 41%
FOR THE FIRST QUARTER 1995.
RESEARCH AND DEVELOPMENT: RESESARCH AND DEVELOPMENT DECREASED $898,000 IN
1996 AND WAS 20% AS A PERCENTAGE OF SALES, COMPARED TO 32% IN 1995.
EXCLUDING THE FIRST QUARTER 1995 DESIGN SOFTWARE RESEARCH AND DEVELOPMENT
EXPENSES, THE FIRST QUARTER 1996 EXPENSES ARE $194,000 LOWER THAN THE FIRST
QUARTER 1995.
OTHER INCOME (EXPENSE), NET
- ---------------------------
OTHER INCOME IS DOWN FOR THE FIRST QUARTER 1996 AS COMPARED TO THE FIRST QUARTER
OF 1995 BY $3,613,000. MOST OF THE DIFFERENCE IS DUE TO THE FACT THAT IN 1996
THERE WERE NO SALES OF INVESTMENT SECURITIES WHEREAS IN 1995 THERE WAS A PRE-TAX
GAIN OF $3,942,000 FROM THE SALE OF INVESTMENT SECURITIES. THIS WAS PARTIALLY
OFFSET BY NET INTEREST INCOME WHICH WAS HIGHER FOR THE FIRST QUARTER OF 1996
COMPARED TO 1995 BY $430,000. THIS INCREASE WAS DUE TO HIGHER AMOUNTS OF
INTEREST EARNING MARKETABLE SECURITIES HELD DURING THE FIRST QUARTER OF 1996
COMPARED TO THE FIRST QUARTER OF 1995. CURRENCY TRANSACTIONS AND OTHER
MISCELLANEOUS ITEMS ACCOUNTED FOR THE REST OF THE DIFFERENCES BETWEEN THE
RESPECTIVE QUARTERS.
10
<PAGE>
INCOME TAXES
- ------------
AN ESTIMATED BOOK TAX RATE OF 38% WAS UTILIZED FOR INCOME TAX TRANSACTIONS IN
THE FIRST QUARTER OF 1996 AND FOR 1995.
LIQUIDITY & CAPITAL COMMITMENTS
- -------------------------------
FUNDS TO SUPPORT THE COMPANY'S OPERATIONS COME MAINLY FROM PROCEEDS FROM THE
SALE OF TEMPORARY CASH INVESTMENTS, BORROWINGS UNDER LINE OF CREDIT AGREEMENTS,
AND PROCEEDS FROM EMPLOYEE STOCK PURCHASE AND OPTION PLANS.
IN THE LATTER PART OF 1995, THE COMPANY BEGAN TO INVEST SHORT-TERM FUNDS INTO
OTHER INSTRUMENTS SUCH AS STATE AND MUNICIPAL SECURITIES, CORPORATE DEBT
SECURITIES AND MORTGAGE-BACKED SECURITIES. PREVIOUSLY, SHORT-TERM FUNDS HAD BEEN
IN U.S. TREASURY OBLIGATIONS ONLY. ALTHOUGH THE COMPANY CONTINUES TO BE HEAVILY
INVESTED IN U.S.TREASURY OBLIGATIONS, THE EXPANSION INTO OTHER MARKETABLE
SECURITIES HAS IMPROVED THE RETURN ON SHORT-TERM FUNDS.
CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES DECREASED $16,106,000 TO
$75,635,000 DURING THE FIRST QUARTER OF 1996 PRINCIPALLY BECAUSE OF THE NEED TO
FUND 1995 FEDERAL TAX PAYMENTS. THE VALUE OF COMPANY-OWNED INVESTMENT SECURITIES
DECLINED $1,197,000 TO $6,240,000 DURING THE QUARTER.
TERABIT
- -------
ON MARCH 20, 1996, THE COMPANY ISSUED SHARES OF ITS COMMON STOCK FOR ALL OF THE
ASSETS OF TERABIT COMPUTER SPECIALITY COMPANY, INC. (TERABIT). THE TRANSACTION
HAS BEEN TREATED AS A POOLING OF INTERESTS, BUT AS IT WAS IMMATERIAL, THE
COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS HAVE NOT BEEN RESTATED TO INCLUDE
THE ACCOUNTS AND OPERATIONS OF TERABIT FOR ALL PERIODS PRIOR TO THE MERGER.
WITH THE ADDITION OF TERABIT, THE COMPANY CREATED A FIFTH BUSINESS UNIT, THE
DISPLAY SYSTEMS UNIT, TO INCORPORATE TERABIT PLUS SEVERAL RELATED COMPANY
PROJECTS.
11
<PAGE>
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- ------- --------------------------------
(B) THERE WERE NO REPORTS ON FORM 8-K FILED FOR THE THREE-MONTH PERIOD
ENDED MARCH 29, 1996.
[THIS SPACE INTENTIONALLY LEFT BLANK]
12
<PAGE>
EVANS & SUTHERLAND COMPUTER CORPORATION
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES AND EXCHANGE ACT OF
1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY
THE UNDERSIGNED THEREUNTO DULY AUTHORIZED.
EVANS & SUTHERLAND COMPUTER CORPORATION
---------------------------------------
REGISTRANT
DATE MAY 9, 1996 /s/
----------- -----------------------------------------
JOHN T. LEMLEY, VICE PRESIDENT
AND CHIEF FINANCIAL OFFICER
13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-27-1996
<PERIOD-END> MAR-29-1996
<CASH> 75,635
<SECURITIES> 3,240
<RECEIVABLES> 23,974
<ALLOWANCES> 208
<INVENTORY> 22,164
<CURRENT-ASSETS> 151,527
<PP&E> 107,850
<DEPRECIATION> 67,394
<TOTAL-ASSETS> 200,940
<CURRENT-LIABILITIES> 31,978
<BONDS> 18,015
1,779
0
<COMMON> 0
<OTHER-SE> 147,704
<TOTAL-LIABILITY-AND-EQUITY> 200,940
<SALES> 26,686
<TOTAL-REVENUES> 26,686
<CGS> 14,192
<TOTAL-COSTS> 12,003
<OTHER-EXPENSES> 108
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 351
<INCOME-PRETAX> 1,217
<INCOME-TAX> 462
<INCOME-CONTINUING> 755
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 755
<EPS-PRIMARY> .08
<EPS-DILUTED> .08
</TABLE>
